Hello Traders—captgrumpy from Ontario,Canada here.
Although a member for some time this is my first post and I’d like to share a Fx trading plan I have just
finished (1 Dec 16).On preliminary testing it looks like it may have some potential so I’m hoping some of
you might also do some testing while I continue my testing–As mentioned this is for swing trading with
1 day charts(can also use 6 Hr charts up) There are only 3 elements on the chart ,only 1 currency pair is
traded as it moves across the chart and chart only needs to be checked once a day (1 day chart )which takes
about 15 min. so you have 23 hours and 45 min.to do as you please!The plan has 3 parts-this, the intr-duction being part 1 --part two will be devoted to learning how to spot trade points where most trades will
be made–part 3 is the complete financial plan that covers everything from setting up the account balance,
to the amount invested for the very first trade (and every trade after that actually)to how progressive
investing is done.This financial plan guides and pretty well controls the investment process from the first
trade onward.The overall plan is quite long and in a lot more detail than most of you may like,but brand
new traders might find the details useful.
Let me digress a bit here to explain how this plan came about.When I first got interested in FX trading
I opened a practice account and soon after opened an active account.Like many new traders ,I suspect,
I was eager to get trading–result as expected–lost most of the practice account and most of the active
account I was foolish enough to invest.It was at this point I decided I had better learn more about this
Fx stuff before doing any more trading–well after a couple of years learning and trying various strategies
and soon, I still couldn’t find a system I liked and was about ready to admit defeat when I recalled something
Albert Einstein had said"The height of stupidity was doing the same thing over and over and expecting
a different result"This got me thinking–maybe I have been looking at this whole thing wrong–again,like
many,if not most,traders,I had been trying in vain to consistantly PREDICT WHEN A CHART MIGHT REVERSE–what if I could learn to spot the chart reversal just at the time IT ACTUALLY HAD REVERSED–If I could
do that consistantly I could open a trade at reversal time–follow the chart lines as it went on it’s run and
when it reversed again I could close the open trade—NOW that the chart HAS ALREADY reversed and
and started on s new run I could now open a new trade in the new chart direction–again follow the chart
lines to the next reversal–close the open trade–open a new one and repeat…this seemed like a good plan
but where to start??How to set up a chart to help achieve that outcome??Anyway I decided to try to come
up with a plan of my own with these new ideas in mind.The plan also had to meet these 3 goals—1st
it had to be very easy to use,2nd it had to be simple to work with and 3rd it had to be profitable–(thus
the name ESP PLAN)pretty lofty goals by almost any standard–so I knew I had my work cut out for me!Well after many trials and errors,frustration after frustration and disappointments I finally came up with a simple chart set up that,so far with, very limited testing, it seems to provide the help needed to spot potential trade points .Much more testing has to be done to prove it will stand the test of time…you can be part of that testing !!
Following the results of are several currency pairs that I am following that met my entry point since the
1st of Dec when the plan was finally finished–all trades are still open as of the 12 Jan 17.
Currency pair date opened date closed diff.(+ or - PiPs) Remarks
GBP-CAD 5 dec 16 12 jan 17 167 still open
GBP-USD 6 dec 16 12 jan 17 503 " "
EUR_GBP 18 Dec 16 12 jan 17 354 " "
GBP_AUD 19 dec 16 12 jan 17 686 " "
EUE_USD 30 dec 16 12 jan 17 167 " "
GBP-CHF 5 dec 16 12 jan 17 562 " "
End of part 1 of the ESP Fx Swing Trade Plan–Part 2 next Post
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